In general terms, describe how the policy conditions address TWO(2) of the following. Indicate whether you are discussing the Statutory Conditions or the General Conditions.
a) Material change in risk.
b) Limitation of action.
c) Requirements after a loss.
d) Disagreements over amount of loss.
Answer:
In the Statutory Conditions,
b) the Action addresses the limitation of action. An insured who intends to pursue a grievance against an insurer in court must begin within a specified time. This period varies somewhat across Canada. In most common law provinces, the limit is one year after loss or damage occurs. In Manitoba and in in Yukon Territory, it is two years.
d) the Appraisal addresses the disagreements over amount of loss. Disagreements over amount of loss shall be determined by appraisal as provided under the Insurance Act before there can be any recovery under this contract. There shall be no right to an appraisal until a specific demand therefor is made in writting and until after proof of loss has been delivered.
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